Big Rapids VA Loan Rates, Closing Costs & Stats

Big Rapids, MI

A VA loan is a mortgage loan that’s backed by the Department of Veterans Affairs (VA) for those who have served or are presently serving in the U.S. military. The VA does not directly lend, it guarantees the loans made by private lenders to veterans, active military personnel, and qualifying military spouses.

The most obvious benefit of VA loans is that no downpayment is necessary to purchase a home. They will also typically have significantly lower fees-- meaning that if you're eligible to receive a VA loan, it will likely be the most favorable option. VA loans come in 3 varities: purchase, refinance and cash out refis.

For additional benefits of VA loans, click here.

Big Rapids's 19 lenders originated 35 VA loans during 2023. The total origination value was $8,085,000, with an average VA loan value of $231,000.

Big Rapids VA Loans, 30 Year Fixed Rates

30 Year VA mortgages in Big Rapids averaged 6.26% for the week of 2024-10-11, compared to the national average (all VA variants) of 5.854% for the same period.

Big Rapids's average VA mortgage closing costs are $4,756.

The average rate for the prior week (2024-10-04) was 6.23% and one month ago for the week of 2024-09-06, the average rate was 5.92%.

The average rate one year ago was 7.79%.

For refis of the same type during the week of 2024-10-11, the average rate was 5.65%.

Click on whitespace and scroll within the chart to zoom in/out. Larger bubbles equate with more originations.

Big Rapids VA Loan Lenders by Rates & Fees

The below table looks at the average fees/closing costs and rates for VA 30 Year Fixed Rate (purchase, first lien) mortgages originated by each lender at the Big Rapids level.

Name # of Loans 2023 Avg. 30yFix Rate 2023 Avg. Closing Costs
Mortgage Research Center, LLC 6 6.50% $3,962
QUICKEN LOANS, LLC 4 6.52% $9,052
UNITED WHOLESALE MORTGAGE, LLC 4 6.00% $8,704
Fifth Third Bank 3 6.00% $4,034
Barrington Bank & Trust Company, N.A. 2 7.25% $9,206
ROSS MORTGAGE CORPORATION 2 7.00% $10,041
NEW DAY FINANCIAL, LLC 2 7.49% $8,991
AMERICAN FINANCIAL RESOURCES, INC. 1 6.63% $12,566
MORTGAGEONE, INC. 1 6.75% $8,570
Neighborhood Loans, Inc. 1 7.13% $8,614
PENNYMAC LOAN SERVICES, LLC 1 5.25% $2,819
TOWNE MORTGAGE COMPANY 1 6.13% $13,241
MORTGAGE CENTER L.C 1 6.88% $8,246
BROKER SOLUTIONS, INC. 1 7.13% $10,293
Citizens Bank 1 7.25% $5,222
F&M Bank 1 5.25% $5,973
HIGHLANDS RESIDENTIAL MORTGAGE, LTD. 1 6.75% $7,731
LOANDEPOT.COM, LLC 1 7.13% $4,002
MORTGAGE 1 INCORPORATED 1 5.63% $5,651

The top Big Rapids VA lender as defined by loan originations is Mortgage Research Center, LLC, with 6 VA loans originated. Their average total fees are $3,962, which is $5,090 lower than the next largest lender, QUICKEN LOANS, LLC.

The lowest fee Big Rapids VA lenders (with over 10 loans originated) are .

The lowest rate Big Rapids VA lenders (with over 10 loans originated) are .


Market Conditions (Median, Average Prices & Listing Count)

Realtor.com - Big Rapids (CBSA) retrieved from FRED, Federal Reserve Bank of St. Louis
Date Median Listing Price (YoY Change) Average Listing Price (YoY) MSA/US Median Price Ratio Active Listings
2018-01-01 $142,400 (1.8%) $179,622 (-7.3%) 0.00 248
2018-02-01 $150,575 (5.9%) $188,291 (-7.5%) 0.00 232
2018-03-01 $159,900 (7.4%) $195,372 (-3.9%) 0.00 242
2018-04-01 $160,900 (7.3%) $192,707 (-4.9%) 0.00 252
2018-05-01 $159,950 (6.7%) $190,158 (-4.2%) 0.00 270
2018-06-01 $164,900 (8.5%) $191,392 (-2.2%) 0.00 273
2018-07-01 $164,900 (3.1%) $191,342 (-3.4%) 0.00 283
2018-08-01 $165,000 (9.5%) $191,248 (-0.5%) 0.00 285
2018-09-01 $159,450 (6.4%) $187,960 (-0.7%) 0.00 286
2018-10-01 $156,550 (4.4%) $184,010 (-1.7%) 0.00 268
2018-11-01 $154,900 (3.7%) $178,751 (-2.8%) 0.00 239
2018-12-01 $149,900 (0.0%) $174,340 (-5.8%) 0.00 230
2019-01-01 $159,200 (11.8%) $180,673 (0.6%) 0.00 208
2019-02-01 $160,475 (6.6%) $180,811 (-4.0%) 0.00 195
2019-03-01 $159,229 (-0.4%) $180,725 (-7.5%) 0.00 193
2019-04-01 $165,825 (3.1%) $189,553 (-1.6%) 0.00 210
2019-05-01 $179,425 (12.2%) $203,415 (7.0%) 0.00 226
2019-06-01 $181,100 (9.8%) $208,580 (9.0%) 0.00 252
2019-07-01 $180,550 (9.5%) $209,970 (9.7%) 0.00 285
2019-08-01 $181,018 (9.7%) $211,739 (10.7%) 0.00 290
2019-09-01 $182,695 (14.6%) $213,951 (13.8%) 0.00 279
2019-10-01 $185,500 (18.5%) $215,764 (17.3%) 0.00 263
2019-11-01 $185,750 (19.9%) $219,234 (22.7%) 0.00 225
2019-12-01 $186,950 (24.7%) $221,387 (27.0%) 0.00 208
2020-01-01 $183,825 (15.5%) $224,919 (24.5%) 0.00 196
2020-02-01 $194,900 (21.5%) $232,278 (28.5%) 0.00 183
2020-03-01 $199,700 (25.4%) $241,783 (33.8%) 0.00 178
2020-04-01 $198,500 (19.7%) $242,762 (28.1%) 0.00 177
2020-05-01 $212,450 (18.4%) $252,302 (24.0%) 0.00 170
2020-06-01 $216,850 (19.7%) $243,959 (17.0%) 0.00 155
2020-07-01 $216,725 (20.0%) $239,196 (13.9%) 0.00 136
2020-08-01 $214,900 (18.7%) $246,171 (16.3%) 0.00 120
2020-09-01 $188,425 (3.1%) $230,086 (7.5%) 0.00 120
2020-10-01 $179,250 (-3.4%) $225,786 (4.6%) 0.00 102
2020-11-01 $178,900 (-3.7%) $220,650 (0.7%) 0.00 98
2020-12-01 $164,900 (-11.8%) $215,286 (-2.8%) 0.00 76
2021-01-01 $149,950 (-18.4%) $219,522 (-2.4%) 0.00 60
2021-02-01 $194,425 (-0.2%) $259,166 (11.6%) 0.00 56
2021-03-01 $213,750 (7.0%) $267,709 (10.7%) 0.00 59
2021-04-01 $234,725 (18.3%) $267,383 (10.1%) 0.00 73
2021-05-01 $195,000 (-8.2%) $239,886 (-4.9%) 0.00 80
2021-06-01 $189,925 (-12.4%) $238,986 (-2.0%) 0.00 95
2021-07-01 $209,950 (-3.1%) $251,487 (5.1%) 0.00 114
2021-08-01 $199,675 (-7.1%) $253,115 (2.8%) 0.00 103
2021-09-01 $188,750 (0.2%) $245,298 (6.6%) 0.00 88
2021-10-01 $225,000 (25.5%) $256,247 (13.5%) 0.00 94
2021-11-01 $218,225 (22.0%) $252,535 (14.5%) 0.00 94
2021-12-01 $178,475 (8.2%) $236,847 (10.0%) 0.00 84
2022-01-01 $187,250 (24.9%) $229,331 (4.5%) 0.00 79
2022-02-01 $257,450 (32.4%) $252,396 (-2.6%) 0.00 70
2022-03-01 $241,225 (12.9%) $254,184 (-5.1%) 0.00 80
2022-04-01 $245,000 (4.4%) $258,394 (-3.4%) 0.00 86
2022-05-01 $233,600 (19.8%) $263,740 (9.9%) 0.00 95
2022-06-01 $249,925 (31.6%) $274,648 (14.9%) 0.00 116
2022-07-01 $270,000 (28.6%) $309,401 (23.0%) 0.00 119
2022-08-01 $270,750 (35.6%) $309,973 (22.5%) 0.00 116
2022-09-01 $266,250 (41.1%) $300,188 (22.4%) 0.00 116
2022-10-01 $289,900 (28.8%) $313,451 (22.3%) 0.00 110
2022-11-01 $298,000 (36.6%) $322,439 (27.7%) 0.00 96
2022-12-01 $299,000 (67.5%) $328,508 (38.7%) 0.00 95
2023-01-01 $287,000 (53.3%) $326,775 (42.5%) 0.00 77
2023-02-01 $312,463 (21.4%) $344,975 (36.7%) 0.00 66
2023-03-01 $309,950 (28.5%) $352,093 (38.5%) 0.00 72
2023-04-01 $322,500 (31.6%) $361,097 (39.8%) 0.00 76
2023-05-01 $324,999 (39.1%) $368,672 (39.8%) 0.00 82
2023-06-01 $316,250 (26.5%) $353,796 (28.8%) 0.00 92
2023-07-01 $314,900 (16.6%) $340,771 (10.1%) 0.00 104
2023-08-01 $292,500 (8.0%) $328,770 (6.1%) 0.00 121
2023-09-01 $289,900 (8.9%) $340,626 (13.5%) 0.00 129
2023-10-01 $287,225 (-0.9%) $353,780 (12.9%) 0.00 121
2023-11-01 $280,000 (-6.0%) $358,774 (11.3%) 0.00 107
2023-12-01 $257,450 (-13.9%) $358,306 (9.1%) 0.00 107
2024-01-01 $275,800 (-3.9%) $356,465 (9.1%) 0.00 94
2024-02-01 $283,450 (-9.3%) $348,589 (1.1%) 0.00 91
2024-03-01 $284,450 (-8.2%) $349,403 (-0.8%) 0.00 101
2024-04-01 $282,475 (-12.4%) $348,112 (-3.6%) 0.00 123
2024-05-01 $295,000 (-9.2%) $371,242 (0.7%) 0.00 130
2024-06-01 $285,000 (-9.9%) $370,913 (4.8%) 0.00 149
2024-07-01 $286,500 (-9.0%) $367,747 (7.9%) 0.00 153
2024-08-01 $285,000 (-2.6%) $364,626 (10.9%) 0.00 161
2024-09-01 $281,225 (-3.0%) $355,510 (4.4%) 0.00 166
Big Rapids's median listing price for 2024-09-01 was $281,225, a difference of $-8,675 (-3.0%) versus the prior year and $-3,775 versus the prior month.

Big Rapids's median listing price comes in at 0% of the national average.

Big Rapids's average listing price for 2024-09-01 was $355,510, a difference of $14,884 (4.4%) versus the prior year and $-9,116 versus the prior month.

For the 2024-09-01 period, Big Rapids had 166 MLS listings, a difference of 5 listings (3%) versus the prior month and 37 listings (29%) versus the prior year.

Median Listing Time on Market & Square Footage

Realtor.com - Big Rapids (CBSA) retrieved from FRED, Federal Reserve Bank of St. Louis
Date Median Listing Time on Market Median Square Footage
2018-01-01 0 days 1,678 sqft
2018-02-01 0 days 1,697 sqft
2018-03-01 0 days 1,750 sqft
2018-04-01 0 days 1,716 sqft
2018-05-01 0 days 1,691 sqft
2018-06-01 0 days 1,704 sqft
2018-07-01 0 days 1,692 sqft
2018-08-01 0 days 1,719 sqft
2018-09-01 0 days 1,660 sqft
2018-10-01 0 days 1,677 sqft
2018-11-01 0 days 1,604 sqft
2018-12-01 0 days 1,600 sqft
2019-01-01 0 days 1,676 sqft
2019-02-01 0 days 1,653 sqft
2019-03-01 0 days 1,714 sqft
2019-04-01 0 days 1,800 sqft
2019-05-01 0 days 1,843 sqft
2019-06-01 0 days 1,840 sqft
2019-07-01 0 days 1,796 sqft
2019-08-01 0 days 1,792 sqft
2019-09-01 0 days 1,825 sqft
2019-10-01 0 days 1,845 sqft
2019-11-01 0 days 1,836 sqft
2019-12-01 0 days 1,817 sqft
2020-01-01 0 days 1,810 sqft
2020-02-01 0 days 1,843 sqft
2020-03-01 0 days 1,840 sqft
2020-04-01 0 days 1,803 sqft
2020-05-01 0 days 1,909 sqft
2020-06-01 0 days 1,881 sqft
2020-07-01 0 days 1,800 sqft
2020-08-01 0 days 1,872 sqft
2020-09-01 0 days 1,800 sqft
2020-10-01 0 days 1,768 sqft
2020-11-01 0 days 1,750 sqft
2020-12-01 0 days 1,783 sqft
2021-01-01 0 days 1,777 sqft
2021-02-01 0 days 1,959 sqft
2021-03-01 0 days 1,855 sqft
2021-04-01 0 days 1,863 sqft
2021-05-01 0 days 1,871 sqft
2021-06-01 0 days 1,763 sqft
2021-07-01 0 days 1,706 sqft
2021-08-01 0 days 1,672 sqft
2021-09-01 0 days 1,634 sqft
2021-10-01 0 days 1,787 sqft
2021-11-01 0 days 1,699 sqft
2021-12-01 0 days 1,637 sqft
2022-01-01 0 days 1,664 sqft
2022-02-01 0 days 1,681 sqft
2022-03-01 0 days 1,526 sqft
2022-04-01 0 days 1,576 sqft
2022-05-01 0 days 1,626 sqft
2022-06-01 0 days 1,700 sqft
2022-07-01 0 days 1,700 sqft
2022-08-01 0 days 1,666 sqft
2022-09-01 0 days 1,649 sqft
2022-10-01 0 days 1,602 sqft
2022-11-01 0 days 1,637 sqft
2022-12-01 0 days 1,600 sqft
2023-01-01 0 days 1,589 sqft
2023-02-01 0 days 1,598 sqft
2023-03-01 0 days 1,704 sqft
2023-04-01 0 days 1,664 sqft
2023-05-01 0 days 1,780 sqft
2023-06-01 0 days 1,756 sqft
2023-07-01 0 days 1,771 sqft
2023-08-01 0 days 1,853 sqft
2023-09-01 0 days 1,895 sqft
2023-10-01 0 days 1,920 sqft
2023-11-01 0 days 1,892 sqft
2023-12-01 0 days 1,855 sqft
2024-01-01 0 days 1,801 sqft
2024-02-01 0 days 1,769 sqft
2024-03-01 0 days 1,800 sqft
2024-04-01 0 days 1,723 sqft
2024-05-01 0 days 1,797 sqft
2024-06-01 0 days 1,742 sqft
2024-07-01 0 days 1,794 sqft
2024-08-01 0 days 1,728 sqft
2024-09-01 0 days 1,691 sqft
Big Rapids's median listing age (time on market) for 2024-09-01 was 0 days.

Big Rapids's median square footage for active listings during the 2024-09-01 period was 1,691 sqft. One year prior, the average listing was 1,895 sqft.

VA Loan Features

  • No down payment required
  • Negotiable and competitive interest rate.
  • Ability to finance the VA funding fee (plus reduced funding fees with a down payment of at least 5 percent and exemption for veterans receiving VA compensation).
  • VA rules limit the amount you can be charged for closing costs.
  • Closing costs are comparable with other financing types (and may be lower).
  • Closing costs may be paid by the seller.
  • No private mortgage insurance premiums are required.
  • An assumable mortgage.
  • Right to prepay your mortgage without penalty.
  • For homes inspected by VA during construction, a warranty from builder and assistance from VA to obtain cooperation of builder.
  • VA assistance to veteran borrowers in default due to temporary financial difficulty.